Sunday, December 8, 2019, 2:23 PM
Finance Minister Nirmala Sitharaman said government is working on more steps, including rationalisation of personal income tax rates which is one of several measures to revive the economy. The government has taken several measures during August and September to boost the economy, she said at the HT-Leadership-Summit. On the GST, minister said the the rate-structure will have to be decided by the GST Council.
Thursday, October 31, 2019, 7:17 PM
The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid slowdown in the economy, sources said. Pressure is mounting on the government to cut personal income tax rates to boost demand, especially after the finance ministry reduced the corporate tax rate by up to 10 percentage points.
Tuesday, July 23, 2019, 5:15 PM
The pendency of appeal cases related to indirect taxes in the Supreme Court, High Court and CESTAT has reduced 61 percent to 1.05 lakh in almost 2 years, Parliament was informed on Tuesday. With regard to direct taxes, as many as 3.41 lakh cases were pending before commissioner (appeal), while 92,205 cases were pending before the ITAT as on March 31, 2019.
Saturday, June 29, 2019, 8:02 PM
A message was received by an-independent-director of large PSU company for a mismatch in GST return filed by the company. The company was a state-owned metal-manufacturer. The mistake in the filing of return was rectified immediately after the board member contacted the company officials. The GSTN has plans to put a dashboard where all details will be available just at the click of mouse.
Thursday, May 16, 2019, 7:55 AM
India's slowing economy will need a boost soon after the current-election, but budget stresses mean New Delhi probably has to rely on the RBI to provide it through more interest-rate-cuts, according to two senior Finance Ministry officials. The government has a fiscal deficit target of 3.4% of gross domestic product for 2019-20. The Finance Ministry did not respond to a request for comment.
Thursday, May 9, 2019, 8:42 PM
The Union Finance Ministry has started preparations for the presentation of the full Budget 2019-20 by a new government in July, even as the country is in the midst of the ongoing seven-phased general elections. The Ministry has sent out communications to various industry bodies and other stakeholders inviting their suggestions on direct and indirect taxes related to various sectors.
Sunday, May 5, 2019, 7:16 PM
In first in recent history of tax-filings, income-tax e-filings in FY2019 have dropped by more than 6.6L, a trend that analysts said was surprising as tax base was expected to increase post demonetisation. According to statistics put out on IT Department's e-filing website, income tax e-filings in FY 2018-19 was 6.68Cr, down from 6.74Cr in previous fiscal. E-filers in FY 2016-17 were 5.28 crore.
Friday, March 29, 2019, 8:24 PM
Many exporters have come under the taxman's lens for claiming tax credit for the same export twice under the inverted duty structure. Those who have received notices from the indirect tax department said they had merely claimed what was theirs although in two tranches. According to the notices, the anomaly came to light during an audit conducted by the tax authorities.
Tuesday, March 19, 2019, 10:07 AM
The net direct tax collection figure has crossed the Rs.10 lakh crore mark as on March 16, helped by the fourth and final installment of tax payment, sources said. The entire advance tax data from across the country has not come yet, the sources said. However, the preliminary assessment indicates that the net direct tax collection has crossed Rs.10 lakh crore, they said.
01 March 2019, Friday
Custom Duty in India The customs duty act was passed in the year 1952, enabling the government impose taxes on the import and export of goods, pro ...
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